Freelancing is the Next Big thing !
Are you tired of waking up everyday, sitting in traffic, and listening to an unappreciative boss screaming at you, or putting you down and saying that you aren’t doing enough. Do you also have a set of skills that are unique and could be used to make money on your own?
If you can answer yes to both of those questions, then congratulations. You may be ready to begin thinking about embarking on the exciting and fulfilling freelancer journey.
The freelance community is certainly growing. Statista a business data platform, predicts that by 2028 that number will increase to over 86 million.
What Is Freelancing?
Advantages of Freelance Work
SETTING UP YOUR WORKPLACE
After weighing the pros and cons of freelancing, you may have decided that you’re going to go forward and become an independent contractor. Now it’s time to get your workplace figured out so that you can begin working.
If you live by myself, you’re already at an advantage. You could simply sit at the kitchen table or convert that spare room into an office and not have to be concerned with getting distracted by others. If you live with others, you’ll have to find a space where you can be left alone during “work hours.”
Whether you decide to go just by your name, or incorporating a business name, you should create a brand for yourself. Besides your business name, you should also have a logo that can be placed across multiple mediums.
Most importantly, you need to have a website where you can showcase your portfolio, share references, and promote Branding Yourself your services. When it comes to your website, make sure that the domain is easy to remember (your name would be the easiest place to start) easy to spell, and describes what you do.
CREATING YOUR PORTFOLIO
Only show the projects that you’re most proud of and believe that represents your best work.
Show diversity in your work. If you’re a writer, for example, provide examples of articles that discuss various topics to show your diversity.
Include your contact information again so that it makes it easier for clients to get in touch with you.
When being approached by a prospective client, it’s common practice for them to ask for an estimate or rate. The difference between the two is fairly simple to explain. Setting Estimates and Rates
An estimate is usually a rough price of what the project will cost the employer. While an estimate isn’t a fixed post, it’s typically within 20% of the final cost. A quote differs from estimates because usually a quote will end up being the final fixed amount of the project.
Besides marketing yourself through content, using your current contacts, and cold-emailing prospective clients, where else can freelancers land a gig?
Job Boards and Freelance Websites
If you’re just starting out, you may not have that large of a network. That’s alright because there are plenty of job boards and websites out there designed specifically to help freelancers find a job. Some of the more well-known job boards and freelance websites are available on Google :
Freelancing isn’t necessarily like other businesses where there’s always the fear the competition. Freelancing embraces more of a community vibe. And, that’s why you can connect with other freelancers in your field. Not only can you seek their advice, they may be throw you a gig here and there when they can’t handle the workload.
If you can answer yes to both of those questions, then congratulations. You may be ready to begin thinking about embarking on the exciting and fulfilling freelancer journey.
The freelance community is certainly growing. Statista a business data platform, predicts that by 2028 that number will increase to over 86 million.
What Is Freelancing?
A freelancer, or independent contractor, is a self-employed individual who doesn’t have to commit to a single, long-term employer. Instead, they work independently for several different companies or clients. Freelancers typically charge by the hour or day and are not required to register as a business if they operate under their own name.
Whether you’ve recently been laid-off, your tired of the daily grind, or you just want to go into business for yourself, starting a freelance business offers a number of incredible benefits that most employers just can’t compete with.
Advantages of Freelance Work
The pros of being an independent contractor include:
You’re the Boss - This means that you can choose when and where you work. If you’re a night owl, you can work the entire night and sleep in until noon without ever having to leave the house. Additionally, you can also select what projects you want to work on. If you’re a photographer, you may dread working weddings. This means that you don’t have to accept a wedding freelance job if you don’t want to, but you’ll be able to select only the events or situations that you prefer to take pictures of.
You Can Make More Money - If you have the drive, freelancers have the potential to make more money than the average person. Some reports have found that freelancers actually earn 45% more than the average full-time employee.
Work-Life Balance - Between flexible schedules, and the fact that only 29% of freelance workers put in more than 40 hours per week, freelancers have an incredible work life balance.
Happier, Healthier - Studies have found that freelancers are happier and healthier, both mentally and physically, than traditional workers.
You’re the Boss - This means that you can choose when and where you work. If you’re a night owl, you can work the entire night and sleep in until noon without ever having to leave the house. Additionally, you can also select what projects you want to work on. If you’re a photographer, you may dread working weddings. This means that you don’t have to accept a wedding freelance job if you don’t want to, but you’ll be able to select only the events or situations that you prefer to take pictures of.
You Can Make More Money - If you have the drive, freelancers have the potential to make more money than the average person. Some reports have found that freelancers actually earn 45% more than the average full-time employee.
Work-Life Balance - Between flexible schedules, and the fact that only 29% of freelance workers put in more than 40 hours per week, freelancers have an incredible work life balance.
Happier, Healthier - Studies have found that freelancers are happier and healthier, both mentally and physically, than traditional workers.
The Disadvantages of Freelance Work
While there are a number of incredible benefits surrounding freelance work, there are some disadvantages that should be considered.
No Job Security - If your clients don’t have any work for you, then you can’t make any money. Even when you’re an employee, you always have work to complete unless the employer goes out of business or you’re laid off.
Inconsistent Work - There are months when there’s a ton of work to complete and the paychecks are more than you expected. However, the work may dry up and the next month you’re only making half of what you made the previous month. As an employee, at least you know how much you’re paycheck is going to be each month so that you can budget accordingly.
There Are No Benefits - One of the perks of working for someone else is that the employer will handle all of your health or retirement benefits or bonuses like paid vacations or profit sharing. Purchasing your own health insurance is often more expensive than what is offered from an employer.
You Have to Handle Accounting - Taxes, bookkeeping, paying bills, and managing cash flow is up to you. While there is readily available software to assist you with your accounting, it’s an additional task that traditional employees do not have to be concerned with.
You Risk Not Getting Paid - It’s not uncommon for independent contractors to have difficulty getting paid for their services. Some clients either don’t pay on-time or they don’t pay at all. Unlike traditional employees where you always know that a paycheck will arrive.
You must be able to motivate yourself - without prodding from an outside source.
No Job Security - If your clients don’t have any work for you, then you can’t make any money. Even when you’re an employee, you always have work to complete unless the employer goes out of business or you’re laid off.
Inconsistent Work - There are months when there’s a ton of work to complete and the paychecks are more than you expected. However, the work may dry up and the next month you’re only making half of what you made the previous month. As an employee, at least you know how much you’re paycheck is going to be each month so that you can budget accordingly.
There Are No Benefits - One of the perks of working for someone else is that the employer will handle all of your health or retirement benefits or bonuses like paid vacations or profit sharing. Purchasing your own health insurance is often more expensive than what is offered from an employer.
You Have to Handle Accounting - Taxes, bookkeeping, paying bills, and managing cash flow is up to you. While there is readily available software to assist you with your accounting, it’s an additional task that traditional employees do not have to be concerned with.
You Risk Not Getting Paid - It’s not uncommon for independent contractors to have difficulty getting paid for their services. Some clients either don’t pay on-time or they don’t pay at all. Unlike traditional employees where you always know that a paycheck will arrive.
You must be able to motivate yourself - without prodding from an outside source.
SETTING UP YOUR WORKPLACE
After weighing the pros and cons of freelancing, you may have decided that you’re going to go forward and become an independent contractor. Now it’s time to get your workplace figured out so that you can begin working.
If you live by myself, you’re already at an advantage. You could simply sit at the kitchen table or convert that spare room into an office and not have to be concerned with getting distracted by others. If you live with others, you’ll have to find a space where you can be left alone during “work hours.”
BRANDING YOURSELF
Whether you decide to go just by your name, or incorporating a business name, you should create a brand for yourself. Besides your business name, you should also have a logo that can be placed across multiple mediums.
Most importantly, you need to have a website where you can showcase your portfolio, share references, and promote Branding Yourself your services. When it comes to your website, make sure that the domain is easy to remember (your name would be the easiest place to start) easy to spell, and describes what you do.
CREATING YOUR PORTFOLIO
Only show the projects that you’re most proud of and believe that represents your best work.
Show diversity in your work. If you’re a writer, for example, provide examples of articles that discuss various topics to show your diversity.
Include your contact information again so that it makes it easier for clients to get in touch with you.
SETTING ESTIMATES AND RATES
One of the most difficult parts about being a freelancer is determining the rates that you’ll charge for your services. If you charge too little, you run into the risk of being passed over because may see you as an amateur - not to mention that you may not be able to make an appropriate living. If you charge too much, you’ll miss out on a job opportunity because the client can find someone else who can do the job just as well as you but at a fraction of the price.
Estimates vs. QuotesWhen being approached by a prospective client, it’s common practice for them to ask for an estimate or rate. The difference between the two is fairly simple to explain. Setting Estimates and Rates
An estimate is usually a rough price of what the project will cost the employer. While an estimate isn’t a fixed post, it’s typically within 20% of the final cost. A quote differs from estimates because usually a quote will end up being the final fixed amount of the project.
MARKETING AND PROMOTION
If you thought it was difficult trying to determine your rates as a freelancer, just wait until you begin trying to market and promote your brand. While this may not be a major concern for a seasoned freelancer or even a marketing wiz, it’s still a hurdle that each and every freelancer must deal if they want to make a career of out their independent work.
Earlier it was mentioned that freelancers should have a website that introduces themselves, showcases their work, and has contact information. A website is a great starting point when beginning to promote your brand. And, one of the most effective ways of getting people to visit your website is by creating top-notch content that your specific audience cares about.
Branding yourself makes it easier for you to stand out from other freelancers in your field, showcase your professionalism, and gives you the opportunity to properly promote your services and find more freelance jobs.
WHERE TO FIND WORK
If you thought it was difficult trying to determine your rates as a freelancer, just wait until you begin trying to market and promote your brand. While this may not be a major concern for a seasoned freelancer or even a marketing wiz, it’s still a hurdle that each and every freelancer must deal if they want to make a career of out their independent work.
Earlier it was mentioned that freelancers should have a website that introduces themselves, showcases their work, and has contact information. A website is a great starting point when beginning to promote your brand. And, one of the most effective ways of getting people to visit your website is by creating top-notch content that your specific audience cares about.
Branding yourself makes it easier for you to stand out from other freelancers in your field, showcase your professionalism, and gives you the opportunity to properly promote your services and find more freelance jobs.
WHERE TO FIND WORK
Besides marketing yourself through content, using your current contacts, and cold-emailing prospective clients, where else can freelancers land a gig?
If you’re just starting out, you may not have that large of a network. That’s alright because there are plenty of job boards and websites out there designed specifically to help freelancers find a job. Some of the more well-known job boards and freelance websites are available on Google :
Freelancing isn’t necessarily like other businesses where there’s always the fear the competition. Freelancing embraces more of a community vibe. And, that’s why you can connect with other freelancers in your field. Not only can you seek their advice, they may be throw you a gig here and there when they can’t handle the workload.
So Freelancing could be the next big thing for years to come,as people start to focus more on their Skills and load up with lots of skills to independently work themselves on their own rather than waiting for a job to be offered by companies.As People get skilled and updated with latest techs then certificates,grades might fall behind some day.
So don't just lay,get yourself skilled every day !
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